SE Asia Stocks-Most weak; Thai large caps fall amid weak baht
BANGKOK, May 12 (Reuters) - Southeast Asian stock markets mostly fell on Tuesday, with the Thai benchmark touching a more than six-week low due to selling in banks and large caps, but the Indonesian index headed for a two-week closing high amid inflows to select large caps. The Thai SET index was down 0.6 percent at 1,493.02, earlier sliding to its lowest since March 27. The weakness sent the index to a near oversold level, with the 14-day RSI at 35 versus an oversold indicator of 30 or lower. Shares of Kasikornbank dropped 1.4 percent, Krung Thai Bank lost 1 percent and industrial conglomerate Siam Cement was down 1.1 percent, among those actively traded. Brokers cited concerns about the state of the domestic economy and losses in the region after insufficient progress on talks between debt-strapped Greece and its creditors. The Thai stock market has also been dominated by the weaker baht and any recovery from the currency's decline will see a market rally in beaten-up banks, according to strategists at broker SCB Securities. "The baht seems overdone, at least in the short term. There is no fundamental reason to buy in this market as it still remains expensive on price to earnings (P/E) ratio, yet a weak baht should revive exports, and tourists," they wrote in a report. The baht has fallen 2.61 percent so far this year, the third worst after the Indonesian rupiah and Malaysian ringgit. Indonesia's index rose 0.7 percent to 5,208.42, poised to end the day at the highest close since April 28. Foreign investors bought shares of Tower Bersama Infrastructure and Bank Rakyat Indonesia, Thomson Reuters data showed. Stocks in the Philippines rose for a second day after exports rose for the first time in 4 months in March . Singapore fell after two days of gains, Malaysia hit the lowest level since March 23 and Vietnam fell for the second session to a one-week low. For Asian Companies click; For South East Asia Hot Stock reports, click; SOUTHEAST ASIAN STOCK MARKETS Change at 0640 GMT Market Current Prev Close Pct Move Singapore 3455.73 3470.80 -0.44 Kuala Lumpur 1800.44 1805.49 -0.28 Bangkok 1493.02 1501.30 -0.55 Jakarta 5208.42 5172.48 +0.69 Manila 7800.07 7777.90 +0.29 Ho Chi Minh 546.52 551.67 -0.93 (Reporting by Viparat Jantraprap; Additional reporting by Orathai Sriring in Bangkok and Jongwoo Cheon in Singapore; Editing by Biju Dwarakanath; Editing by xxxx)
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